Growth, Employment and Redistribution
Quick Summary
The Growth, Employment, and Redistribution (GEAR) plan was a five-year economic strategy implemented by the South African government in 1996. Its primary goals were to foster economic growth, create jobs, and address the inequalities inherited from the apartheid era.123
Key aspects of GEAR included:
* Privatization: Shifting state-owned enterprises to private ownership to increase efficiency and attract investment.123
* Removal of Exchange Controls: Liberalizing financial markets to encourage foreign investment.123
* Black Economic Empowerment (BEE): Implementing programs to improve employment opportunities, skills, and income for the Black majority.123
While GEAR achieved moderate success and was seen by some as a foundation for future progress, it faced challenges in fully integrating the disenfranchised population into the economy and balancing competing demands for economic liberalization and social improvement.123
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